Eastern Europe: Urea Market 2024

Urea Market Size in Eastern Europe

After two years of growth, the East European urea market decreased by X% to $X in 2023. In general, consumption showed a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2022, and then contracted modestly in the following year.

Urea Production in Eastern Europe

In value terms, urea production rose slightly to $X in 2023 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Urea Exports

Exports in Eastern Europe

In 2023, the amount of urea exported in Eastern Europe reduced sharply to X tons, waning by X% on 2022 figures. Overall, exports continue to indicate a pronounced slump. The growth pace was the most rapid in 2018 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports failed to regain momentum.

In value terms, urea exports declined significantly to $X in 2023. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then shrank sharply in the following year.

Exports by Country

Russia was the largest exporting country with an export of about X tons, which reached X% of total exports. It was distantly followed by Poland (X tons), generating an X% share of total exports. The following exporters - Lithuania (X tons), Slovakia (X tons), Belarus (X tons) and Romania (X tons) - each reached an X% share of total exports.

Exports from Russia increased at an average annual rate of X% from 2012 to 2023. At the same time, Poland (X%) and Slovakia (X%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of X% from 2012-2023. By contrast, Belarus (X%), Lithuania (X%) and Romania (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Russia and Poland increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest urea supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was taken by Poland ($X), with a X% share of total exports. It was followed by Slovakia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Russia stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (X% per year) and Slovakia (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Europe amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price, however, saw a tangible increase. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Slovakia (X%), while the other leaders experienced more modest paces of growth.

Urea Imports

Imports in Eastern Europe

In 2023, after two years of growth, there was significant decline in purchases abroad of urea, when their volume decreased by X% to X tons. In general, imports, however, showed strong growth. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, imports attained the peak of X tons, and then reduced remarkably in the following year.

In value terms, urea imports shrank notably to $X in 2023. Over the period under review, imports, however, posted resilient growth. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then shrank sharply in the following year.

Imports by Country

Poland (X tons) and Romania (X tons) represented the main importers of urea in 2023, reaching approx. X% and X% of total imports, respectively. Ukraine (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (X%), Bulgaria (X%) and Hungary (X%). Slovakia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Romania (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest urea importing markets in Eastern Europe were Poland ($X), Romania ($X) and Ukraine ($X), together comprising X% of total imports.

Romania, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the import price, however, posted modest growth. The growth pace was the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2022, and then fell dramatically in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Ukraine ($X per ton) and the Czech Republic ($X per ton), while Poland ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ukraine (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform